EX-99.1
Published on March 27, 2015
Exhibit 99.1
THE HILLMAN COMPANIES, INC. AND SUBSIDIARIES
Supplemental Consolidating Guarantor and Non-Guarantor Financial Information:
(dollars in thousands)
On June 30, 2014, affiliates of CCMP Capital Advisors, LLC (CCMP) and Oak Hill Capital Partners III, L.P., Oak Hill Capital Management Partners III, L.P. and OHCP III HC RO, L.P.), together with certain current and former members of Hillmans management, consummated a merger transaction (the Merger Transaction) pursuant to the terms and conditions of an Agreement and Plan of Merger dated as of May 16, 2014.
The Company, through Hillman Group, had issued $265,000 in aggregate principal amount of 10.875% Senior Notes that were scheduled to mature on June 1, 2018. In connection with the Merger Transaction, the 10.875% Senior Notes were repaid and terminated.
Hillman Group issued $330,000 aggregate principal amount of its senior notes due July 15, 2022 (the 6.375% Senior Notes). The 6.375% Senior Notes, of which $330,000 aggregate principal amount was outstanding as of December 31, 2014, are fully and unconditionally guaranteed on a joint and several basis by The Hillman Companies, Inc., Hillman Investment Company, and certain of the Companys wholly-owned subsidiaries. The non-guarantor information presented represents our Australian, Canadian, and Mexican subsidiaries.
The following financial information presents consolidating statements of comprehensive loss, balance sheets, and cash flows for the Hillman Group, all guarantor subsidiaries, all non-guarantor subsidiaries, and the eliminations necessary to provide the consolidated results for the Hillman Companies and subsidiaries. For purposes of this presentation, we have accounted for investments in our subsidiaries using the equity method of accounting. The principal consolidating adjustments eliminate investment in subsidiary and intercompany balances and transactions.
Page 1 of 13
THE HILLMAN COMPANIES, INC. AND SUBSIDIARIES
Supplemental Consolidating Guarantor and Non-Guarantor Financial Information:
(dollars in thousands)
Consolidating Statements of Comprehensive Loss (Unaudited)
For the period from June 30, 2014 through December 31, 2014
(Amounts in thousands)
| Successor | ||||||||||||||||||||||||
| Guarantors The Hillman Companies, Inc. |
Issuer The Hillman Group, Inc. |
Guarantor Subsidiaries |
Non- Guarantor Subsidiaries |
Consolidating Adjustments |
Consolidated | |||||||||||||||||||
| Net sales |
$ | | $ | 292,255 | $ | 10,326 | $ | 74,711 | $ | | $ | 377,292 | ||||||||||||
| Cost of sales (exclusive of depreciation and amortization shown separately below) |
| 137,849 | 7,275 | 48,097 | | 193,221 | ||||||||||||||||||
| Selling, general and administrative expenses |
718 | 90,929 | 2,236 | 21,971 | | 115,854 | ||||||||||||||||||
| Transaction, acquisition and integration expenses |
| 22,102 | 21 | 596 | | 22,719 | ||||||||||||||||||
| Depreciation |
| 15,821 | 37 | 1,419 | | 17,277 | ||||||||||||||||||
| Amortization |
16,403 | 1,544 | 108 | 1,073 | | 19,128 | ||||||||||||||||||
| Intercompany administrative (income) expense |
| (216 | ) | | 216 | | | |||||||||||||||||
| Management and transaction fees to related party |
| 276 | | | | 276 | ||||||||||||||||||
| Other (income) expense, net |
(43 | ) | 1,857 | (63 | ) | (1,175 | ) | | 576 | |||||||||||||||
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| (Loss) income from operations |
(17,078 | ) | 22,093 | 712 | 2,514 | | 8,241 | |||||||||||||||||
| Intercompany interest (income) expense |
(6,115 | ) | 6,115 | | | | | |||||||||||||||||
| Interest (income) expense, net |
(457 | ) | 24,213 | | 3,494 | | 27,250 | |||||||||||||||||
| Interest expense on junior subordinated debentures |
6,305 | | | | | 6,305 | ||||||||||||||||||
| Investment income on trust common securities |
(189 | ) | | | | | (189 | ) | ||||||||||||||||
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| (Loss) income before equity in subsidiaries income |
(16,622 | ) | (8,235 | ) | 712 | (980 | ) | | (25,125 | ) | ||||||||||||||
| Equity in subsidiaries (loss) income |
(9,743 | ) | (1,508 | ) | | | 11,251 | | ||||||||||||||||
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| (Loss) income before income taxes |
(26,365 | ) | (9,743 | ) | 712 | (980 | ) | 11,251 | (25,125 | ) | ||||||||||||||
| Income tax (benefit) provision |
(7,428 | ) | | 313 | 927 | | (6,188 | ) | ||||||||||||||||
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| Net (loss) income |
$ | (18,937 | ) | $ | (9,743 | ) | $ | 399 | $ | (1,907 | ) | $ | 11,251 | $ | (18,937 | ) | ||||||||
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| Other comprehensive (loss) income: |
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| Foreign currency translation adjustments |
| (8,320 | ) | | (45,566 | ) | 41,362 | (12,524 | ) | |||||||||||||||
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| Total comprehensive (loss) income |
$ | (18,937 | ) | $ | (18,063 | ) | $ | 399 | $ | (47,473 | ) | $ | 52,613 | $ | (31,461 | ) | ||||||||
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Page 2 of 13
THE HILLMAN COMPANIES, INC. AND SUBSIDIARIES
Supplemental Consolidating Guarantor and Non-Guarantor Financial Information:
(dollars in thousands)
Consolidating Statements of Comprehensive Income (Loss) (Unaudited)
For the six months ended June 29, 2014
(Amounts in thousands)
| Predecessor | ||||||||||||||||||||||||
| Guarantors The Hillman Companies, Inc. |
Issuer The Hillman Group, Inc. |
Guarantor Subsidiaries |
Non- Guarantor Subsidiaries |
Consolidating Adjustments |
Consolidated | |||||||||||||||||||
| Net sales |
$ | | $ | 263,194 | $ | 16,053 | $ | 78,130 | $ | | $ | 357,377 | ||||||||||||
| Cost of sales (exclusive of depreciation and amortization shown separately below) |
| 123,971 | 11,185 | 48,186 | | 183,342 | ||||||||||||||||||
| Selling, general and administrative expenses |
39,324 | 90,090 | 3,656 | 23,692 | | 156,762 | ||||||||||||||||||
| Transaction, acquisition and integration expenses |
| 31,681 | | | | 31,681 | ||||||||||||||||||
| Depreciation |
| 12,789 | 48 | 1,312 | | 14,149 | ||||||||||||||||||
| Amortization |
9,029 | 1,543 | | 521 | | 11,093 | ||||||||||||||||||
| Intercompany administrative (income) expense |
| (216 | ) | | 216 | | | |||||||||||||||||
| Management and transaction fees to related party |
| 15 | | | | 15 | ||||||||||||||||||
| Other (income) expense, net |
(95 | ) | 151 | 10 | (343 | ) | | (277 | ) | |||||||||||||||
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| (Loss) income from operations |
(48,258 | ) | 3,170 | 1,154 | 4,546 | | (39,388 | ) | ||||||||||||||||
| Intercompany interest (income) expense |
(6,117 | ) | 6,117 | | | | | |||||||||||||||||
| Interest (income) expense, net |
(103 | ) | 19,802 | | 3,451 | | 23,150 | |||||||||||||||||
| Interest expense on junior subordinated debentures |
6,305 | | | | | 6,305 | ||||||||||||||||||
| Investment income on trust common securities |
(189 | ) | | | | | (189 | ) | ||||||||||||||||
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| (Loss) income before equity in subsidiaries income |
(48,154 | ) | (22,749 | ) | 1,154 | 1,095 | | (68,654 | ) | |||||||||||||||
| Equity in subsidiaries (loss) income |
(21,498 | ) | 1,251 | | | 20,247 | | |||||||||||||||||
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| (Loss) income before income taxes |
(69,652 | ) | (21,498 | ) | 1,154 | 1,095 | 20,247 | (68,654 | ) | |||||||||||||||
| Income tax (benefit) provision |
(25,126 | ) | | 426 | 572 | | (24,128 | ) | ||||||||||||||||
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| Net (loss) income |
$ | (44,526 | ) | $ | (21,498 | ) | $ | 728 | $ | 523 | $ | 20,247 | $ | (44,526 | ) | |||||||||
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| Other comprehensive (loss) income: |
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| Foreign currency translation adjustments |
| (151 | ) | | (102 | ) | 158 | (95 | ) | |||||||||||||||
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| Total comprehensive (loss) income |
$ | (44,526 | ) | $ | (21,649 | ) | $ | 728 | $ | 421 | $ | 20,405 | $ | (44,621 | ) | |||||||||
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Page 3 of 13
THE HILLMAN COMPANIES, INC. AND SUBSIDIARIES
Supplemental Consolidating Guarantor and Non-Guarantor Financial Information:
(dollars in thousands)
Consolidating Statements of Comprehensive Loss (Unaudited)
For the year ended December 31, 2013
(Amounts in thousands)
| Predecessor | ||||||||||||||||||||||||
| Guarantors The Hillman Companies, Inc. |
Issuer The Hillman Group, Inc. |
Guarantor Subsidiaries |
Non- Guarantor Subsidiaries |
Consolidating Adjustments |
Consolidated | |||||||||||||||||||
| Net sales |
$ | | $ | 529,949 | $ | 31,886 | $ | 139,806 | $ | | $ | 701,641 | ||||||||||||
| Cost of sales (exclusive of depreciation and amortization shown separately below) |
| 251,491 | 22,836 | 84,999 | | 359,326 | ||||||||||||||||||
| Selling, general and administrative expenses |
9,370 | 168,073 | 6,589 | 41,619 | | 225,651 | ||||||||||||||||||
| Acquisition and integration expense |
| 2,931 | 74 | 5,633 | | 8,638 | ||||||||||||||||||
| Depreciation |
| 22,381 | 85 | 2,330 | | 24,796 | ||||||||||||||||||
| Amortization |
18,058 | 3,087 | | 967 | | 22,112 | ||||||||||||||||||
| Intercompany administrative (income) expense |
| (348 | ) | | 348 | | | |||||||||||||||||
| Management and transaction fees to related party |
| 77 | | | | 77 | ||||||||||||||||||
| Other (income) expense, net |
(364 | ) | 3,661 | (158 | ) | 1,461 | | 4,600 | ||||||||||||||||
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| Income from operations |
(27,064 | ) | 78,596 | 2,460 | 2,449 | | 56,441 | |||||||||||||||||
| Intercompany interest (income) expense |
(12,232 | ) | 12,259 | | (27 | ) | | | ||||||||||||||||
| Interest (income) expense, net |
(190 | ) | 41,930 | | 6,398 | | 48,138 | |||||||||||||||||
| Interest expense on junior subordinated debentures |
12,610 | | | | | 12,610 | ||||||||||||||||||
| Investment income on trust common securities |
(378 | ) | | | | | (378 | ) | ||||||||||||||||
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| Income (loss) before equity in subsidiaries income |
(26,874 | ) | 24,407 | 2,460 | (3,922 | ) | | (3,929 | ) | |||||||||||||||
| Equity in subsidiaries income (loss) |
21,936 | (2,471 | ) | | | (19,465 | ) | | ||||||||||||||||
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| Income (loss) before income taxes |
(4,938 | ) | 21,936 | 2,460 | (3,922 | ) | (19,465 | ) | (3,929 | ) | ||||||||||||||
| Income tax provision (benefit) |
(3,790 | ) | | 867 | 142 | | (2,781 | ) | ||||||||||||||||
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| Net income (loss) |
$ | (1,148 | ) | $ | 21,936 | $ | 1,593 | $ | (4,064 | ) | $ | (19,465 | ) | $ | (1,148 | ) | ||||||||
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| Other comprehensive income (loss): |
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| Foreign currency translation adjustments |
| (5,643 | ) | | (99 | ) | | (5,742 | ) | |||||||||||||||
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| Total comprehensive income (loss) |
$ | (1,148 | ) | $ | 16,293 | $ | 1,593 | $ | (4,163 | ) | $ | (19,465 | ) | $ | (6,890 | ) | ||||||||
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Page 4 of 13
THE HILLMAN COMPANIES, INC. AND SUBSIDIARIES
Supplemental Consolidating Guarantor and Non-Guarantor Financial Information:
(dollars in thousands)
Consolidating Statements of Comprehensive Loss (Unaudited)
For the year ended December 31, 2012
(Amounts in thousands)
| Predecessor | ||||||||||||||||||||||||
| Guarantors The Hillman Companies, Inc. |
Issuer The Hillman Group, Inc. |
Guarantor Subsidiaries |
Non- Guarantor Subsidiaries |
Consolidating Adjustments |
Consolidated | |||||||||||||||||||
| Net sales |
$ | | $ | 517,135 | $ | 18,837 | $ | 19,493 | $ | | $ | 555,465 | ||||||||||||
| Cost of sales (exclusive of depreciation and amortization shown separately below) |
| 247,976 | 14,162 | 12,878 | | 275,016 | ||||||||||||||||||
| Selling, general and administrative expenses |
1,043 | 174,667 | 3,717 | 8,903 | | 188,330 | ||||||||||||||||||
| Acquisition and integration expense |
| 3,031 | | | | 3,031 | ||||||||||||||||||
| Depreciation |
| 21,839 | 88 | 82 | | 22,009 | ||||||||||||||||||
| Amortization |
18,058 | 3,298 | | 396 | | 21,752 | ||||||||||||||||||
| Intercompany administrative (income) expense |
| (347 | ) | | 347 | | | |||||||||||||||||
| Management and transaction fees to related party |
| 155 | | | | 155 | ||||||||||||||||||
| Other (income) expense, net |
(358 | ) | 4,877 | (11 | ) | (304 | ) | | 4,204 | |||||||||||||||
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| Income from operations |
(18,743 | ) | 61,639 | 881 | (2,809 | ) | | 40,968 | ||||||||||||||||
| Intercompany interest (income) expense |
(12,232 | ) | 12,232 | | | | | |||||||||||||||||
| Interest (income) expense, net |
(279 | ) | 41,415 | | 2 | | 41,138 | |||||||||||||||||
| Interest expense on junior subordinated debentures |
12,610 | | | | | 12,610 | ||||||||||||||||||
| Investment income on trust common securities |
(378 | ) | | | | | (378 | ) | ||||||||||||||||
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| Income (loss) before equity in subsidiaries income |
(18,464 | ) | 7,992 | 881 | (2,811 | ) | | (12,402 | ) | |||||||||||||||
| Equity in subsidiaries income (loss) |
4,774 | (2,023 | ) | | | (2,751 | ) | | ||||||||||||||||
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| Income (loss) before income taxes |
(13,690 | ) | 5,969 | 881 | (2,811 | ) | (2,751 | ) | (12,402 | ) | ||||||||||||||
| Income tax provision (benefit) |
(6,456 | ) | 1,195 | 333 | (240 | ) | | (5,168 | ) | |||||||||||||||
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| Net income (loss) |
$ | (7,234 | ) | $ | 4,774 | $ | 548 | $ | (2,571 | ) | $ | (2,751 | ) | $ | (7,234 | ) | ||||||||
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| Other comprehensive income (loss): |
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| Foreign currency translation adjustments |
| | | 1,051 | | 1,051 | ||||||||||||||||||
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| Total comprehensive income (loss) |
$ | (7,234 | ) | $ | 4,774 | $ | 548 | $ | (1,520 | ) | $ | (2,751 | ) | $ | (6,183 | ) | ||||||||
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Page 5 of 13
THE HILLMAN COMPANIES, INC. AND SUBSIDIARIES
Supplemental Consolidating Guarantor and Non-Guarantor Financial Information:
(dollars in thousands)
Consolidating Balance Sheet (Unaudited)
As of December 31, 2014
(Amounts in thousands)
| Successor | ||||||||||||||||||||||||
| Guarantors The Hillman Companies, Inc. |
Issuer The Hillman Group, Inc. |
Guarantor Subsidiaries |
Non- Guarantor Subsidiaries |
Consolidating Adjustments |
Consolidated | |||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||
| Current assets: |
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| Cash and cash equivalents |
$ | 1 | $ | 13,191 | $ | 696 | $ | 4,597 | $ | | $ | 18,485 | ||||||||||||
| Restricted investments |
494 | | | | | 494 | ||||||||||||||||||
| Accounts receivable, net |
| 65,270 | 1,175 | 23,439 | | 89,884 | ||||||||||||||||||
| Inventories, net |
| 141,472 | 5,687 | 57,885 | (321 | ) | 204,723 | |||||||||||||||||
| Deferred income taxes |
11,191 | 277 | 538 | 1,331 | (98 | ) | 13,239 | |||||||||||||||||
| Other current assets |
| 8,142 | 124 | 2,058 | | 10,324 | ||||||||||||||||||
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| Total current assets |
11,686 | 228,352 | 8,220 | 89,310 | (419 | ) | 337,149 | |||||||||||||||||
| Intercompany notes receivable |
105,446 | 112,977 | (6,975 | ) | (106,002 | ) | (105,446 | ) | | |||||||||||||||
| Intercompany interest receivable |
| 948 | | | (948 | ) | | |||||||||||||||||
| Investments in subsidiaries |
(840,201 | ) | 69,419 | 4,300 | 271,714 | 494,768 | | |||||||||||||||||
| Property and equipment, net |
| 101,299 | 298 | 12,934 | | 114,531 | ||||||||||||||||||
| Goodwill |
789,870 | 338,696 | 3,240 | 37,780 | (548,026 | ) | 621,560 | |||||||||||||||||
| Other intangibles, net |
746,714 | | 4,682 | 47,545 | | 798,941 | ||||||||||||||||||
| Restricted investments |
1,750 | | | | | 1,750 | ||||||||||||||||||
| Deferred income taxes |
53,715 | 143 | (477 | ) | (2 | ) | (53,379 | ) | | |||||||||||||||
| Deferred financing fees |
| 24,407 | | | | 24,407 | ||||||||||||||||||
| Investment in trust common securities |
3,261 | | | | | 3,261 | ||||||||||||||||||
| Other assets |
| 1,317 | 25 | 72 | | 1,414 | ||||||||||||||||||
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| Total assets |
$ | 872,241 | $ | 877,558 | $ | 13,313 | $ | 353,351 | $ | (213,450 | ) | $ | 1,903,013 | |||||||||||
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| LIABILITIES AND STOCKHOLDERS EQUITY | ||||||||||||||||||||||||
| Current liabilities: |
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| Accounts payable |
$ | | $ | 53,487 | $ | 422 | $ | 12,553 | $ | | $ | 66,462 | ||||||||||||
| Current portion of senior term loans |
| 5,500 | | | | 5,500 | ||||||||||||||||||
| Current portion of capitalized lease and other obligations |
| 207 | | | | 207 | ||||||||||||||||||
| Interest payable on junior subordinated debentures |
| | | | | | ||||||||||||||||||
| Intercompany interest payable |
| | | 948 | (948 | ) | | |||||||||||||||||
| Accrued expenses: |
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| Salaries and wages |
| 4,144 | 120 | 983 | | 5,247 | ||||||||||||||||||
| Pricing allowances |
| 3,621 | 3 | 3,038 | | 6,662 | ||||||||||||||||||
| Income and other taxes |
(581 | ) | 2,325 | 37 | 1,520 | | 3,301 | |||||||||||||||||
| Interest |
| 10,587 | | | | 10,587 | ||||||||||||||||||
| Deferred compensation |
494 | | | | | 494 | ||||||||||||||||||
| Other accrued expenses |
| 6,990 | 40 | 393 | | 7,423 | ||||||||||||||||||
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| Total current liabilities |
(87 | ) | 86,861 | 622 | 19,435 | (948 | ) | 105,883 | ||||||||||||||||
Page 6 of 13
THE HILLMAN COMPANIES, INC. AND SUBSIDIARIES
Supplemental Consolidating Guarantor and Non-Guarantor Financial Information:
(dollars in thousands)
Consolidating Balance Sheet (Unaudited)
As of December 31, 2014
(Amounts in thousands)
| Successor | ||||||||||||||||||||||||
| Guarantors The Hillman Companies, Inc. |
Issuer The Hillman Group, Inc. |
Guarantor Subsidiaries |
Non- Guarantor Subsidiaries |
Consolidating Adjustments |
Consolidated | |||||||||||||||||||
| Intercompany debt payable |
| 105,446 | | | (105,446 | ) | | |||||||||||||||||
| Long term senior term loans |
| 541,750 | | | | 541,750 | ||||||||||||||||||
| Bank revolving credit |
| | | | | | ||||||||||||||||||
| Long term portion of capitalized leases and other obligations |
| 400 | | | | 400 | ||||||||||||||||||
| Long term senior notes |
| 330,000 | | | | 330,000 | ||||||||||||||||||
| Junior subordinated debentures |
130,685 | | | | | 130,685 | ||||||||||||||||||
| Deferred compensation |
1,750 | | | | | 1,750 | ||||||||||||||||||
| Deferred income taxes, net |
310,804 | | 2,037 | 14,417 | (53,477 | ) | 273,781 | |||||||||||||||||
| Other non-current liabilities |
| 4,359 | | 1,262 | | 5,621 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total liabilities |
443,152 | 1,068,816 | 2,659 | 35,114 | (159,871 | ) | 1,389,870 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Commitments and Contingencies (Note 17) |
||||||||||||||||||||||||
| Stockholders Equity: |
||||||||||||||||||||||||
| Preferred Stock: |
||||||||||||||||||||||||
| Preferred stock, $.01 par, 5,000 shares authorized, none issued and outstanding at December 31, 2014 and 2013 |
| | | | | | ||||||||||||||||||
| Common Stock: |
||||||||||||||||||||||||
| Common stock, $.01 par, 5,000 shares authorized, issued and outstanding at December 31, 2014 |
| | 50 | | (50 | ) | | |||||||||||||||||
| Additional paid-in capital |
632,602 | 5,842 | 10,197 | 375,287 | (479,324 | ) | 544,604 | |||||||||||||||||
| Accumulated deficit |
(203,513 | ) | (188,780 | ) | 407 | (11,484 | ) | 384,433 | (18,937 | ) | ||||||||||||||
| Accumulated other comprehensive (loss) income |
| (8,320 | ) | | (45,566 | ) | 41,362 | (12,524 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total stockholders equity |
429,089 | (191,258 | ) | 10,654 | 318,237 | (53,579 | ) | 513,143 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total liabilities and stockholders equity |
$ | 872,241 | $ | 877,558 | $ | 13,313 | $ | 353,351 | $ | (213,450 | ) | $ | 1,903,013 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Page 7 of 13
THE HILLMAN COMPANIES, INC. AND SUBSIDIARIES
Supplemental Consolidating Guarantor and Non-Guarantor Financial Information:
(dollars in thousands)
Consolidating Balance Sheet (Unaudited)
As of December 31, 2013
(Amounts in thousands)
| Predecessor | ||||||||||||||||||||||||
| Guarantors The Hillman Companies, Inc. |
Issuer The Hillman Group, Inc. |
Guarantor Subsidiaries |
Non- Guarantor Subsidiaries |
Consolidating Adjustments |
Consolidated | |||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||
| Current assets |
||||||||||||||||||||||||
| Cash and cash equivalents |
$ | 1 | $ | 27,553 | $ | 792 | $ | 6,623 | $ | | $ | 34,969 | ||||||||||||
| Restricted investments |
2,856 | | | | | 2,856 | ||||||||||||||||||
| Accounts receivable |
| 71,173 | 1,043 | 15,299 | | 87,515 | ||||||||||||||||||
| Inventories |
| 101,386 | 10,048 | 66,450 | (304 | ) | 177,580 | |||||||||||||||||
| Deferred income taxes |
10,041 | | 830 | 830 | (605 | ) | 11,096 | |||||||||||||||||
| Other current assets |
| 6,006 | 322 | 2,754 | | 9,082 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total current assets |
12,898 | 206,118 | 13,035 | 91,956 | (909 | ) | 323,098 | |||||||||||||||||
| Intercompany notes receivable |
105,446 | 103,422 | | (103,422 | ) | (105,446 | ) | | ||||||||||||||||
| Intercompany interest receivable |
| 1,975 | | | (1,975 | ) | | |||||||||||||||||
| Investments in subsidiaries |
(648,310 | ) | 28,122 | 507 | 263,216 | 356,465 | | |||||||||||||||||
| Property and equipment |
| 81,406 | 400 | 14,012 | | 95,818 | ||||||||||||||||||
| Goodwill |
418,947 | 24,512 | 2,701 | 19,787 | 280 | 466,227 | ||||||||||||||||||
| Other intangibles |
293,774 | 42,959 | 250 | 25,382 | | 362,365 | ||||||||||||||||||
| Restricted investments |
1,530 | | | | | 1,530 | ||||||||||||||||||
| Deferred income taxes |
31,349 | | (616 | ) | 2,095 | (32,828 | ) | | ||||||||||||||||
| Deferred financing fees |
| 9,798 | | | | 9,798 | ||||||||||||||||||
| Investment in trust common securities |
3,261 | | | | | 3,261 | ||||||||||||||||||
| Other assets |
| 2,442 | 25 | 292 | | 2,759 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total assets |
$ | 218,895 | $ | 500,754 | $ | 16,302 | $ | 313,318 | $ | 215,587 | $ | 1,264,856 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| LIABILITIES AND STOCKHOLDERS EQUITY | ||||||||||||||||||||||||
| Current liabilities |
||||||||||||||||||||||||
| Accounts payable |
$ | | $ | 25,610 | $ | 1,036 | $ | 17,723 | $ | | $ | 44,369 | ||||||||||||
| Current portion of senior term loans |
| 3,968 | | | | 3,968 | ||||||||||||||||||
| Intercompany interest payable |
| | | 1,975 | (1,975 | ) | | |||||||||||||||||
| Current portion of capitalized lease and other obligations |
| 219 | | | | 219 | ||||||||||||||||||
| Accrued expenses: |
||||||||||||||||||||||||
| Salaries and wages |
| 8,462 | 287 | 3,115 | | 11,864 | ||||||||||||||||||
| Pricing allowances |
| 3,791 | 1 | 2,418 | | 6,210 | ||||||||||||||||||
| Income and other taxes |
(568 | ) | 2,267 | 30 | 1,392 | | 3,121 | |||||||||||||||||
| Interest |
| 2,674 | | | | 2,674 | ||||||||||||||||||
| Deferred compensation |
2,856 | | | | | 2,856 | ||||||||||||||||||
| Other accrued expenses |
| 6,191 | 261 | 2,579 | | 9,031 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total current liabilities |
2,288 | 53,182 | 1,615 | 29,202 | (1,975 | ) | 84,312 | |||||||||||||||||
Page 8 of 13
THE HILLMAN COMPANIES, INC. AND SUBSIDIARIES
Supplemental Consolidating Guarantor and Non-Guarantor Financial Information:
(dollars in thousands)
Consolidating Balance Sheet (Unaudited)
As of December 31, 2013
(Amounts in thousands)
| Predecessor | ||||||||||||||||||||||||
| Guarantors The Hillman Companies, Inc. |
Issuer The Hillman Group, Inc. |
Guarantor Subsidiaries |
Non- Guarantor Subsidiaries |
Consolidating Adjustments |
Consolidated | |||||||||||||||||||
| Intercompany debt payable |
| 105,446 | | | (105,446 | ) | | |||||||||||||||||
| Long term senior term loans |
| 377,641 | | | | 377,641 | ||||||||||||||||||
| Long term portion of capitalized lease and other obligations |
| 337 | | | | 337 | ||||||||||||||||||
| Long term senior notes |
| 271,750 | | | | 271,750 | ||||||||||||||||||
| Junior subordinated debentures |
114,941 | | | | | 114,941 | ||||||||||||||||||
| Deferred compensation |
1,530 | | | | | 1,530 | ||||||||||||||||||
| Deferred income taxes, net |
143,313 | | 260 | 9,920 | (33,433 | ) | 120,060 | |||||||||||||||||
| Other non-current liabilities |
9,618 | 5,773 | | | | 15,391 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total liabilities |
271,690 | 814,129 | 1,875 | 39,122 | (140,854 | ) | 985,962 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Common stock with put options: |
||||||||||||||||||||||||
| Common stock, $.01 par, 5,000 shares authorized, 161.2 issued and outstanding at December 31, 2013. |
16,975 | | | | | 16,975 | ||||||||||||||||||
| Commitments and Contingencies |
||||||||||||||||||||||||
| Stockholders Equity: |
||||||||||||||||||||||||
| Preferred Stock: |
||||||||||||||||||||||||
| Preferred stock, $.01 par, 5,000 shares authorized, none issued and outstanding at December 31, 2013. |
| | | | | | ||||||||||||||||||
| Common Stock: |
||||||||||||||||||||||||
| Common stock, $.01 par, 5,000 shares authorized, 4,838.8 issued and outstanding at December 31, 2013. |
| | 50 | | (50 | ) | | |||||||||||||||||
| Additional paid-in capital |
116,659 | (130,559 | ) | 11,711 | 293,717 | 1,461 | 292,989 | |||||||||||||||||
| Accumulated deficit |
(186,429 | ) | (177,173 | ) | 2,666 | (6,522 | ) | 341,259 | (26,199 | ) | ||||||||||||||
| Accumulated other comprehensive (loss) income |
| (5,643 | ) | | (12,999 | ) | 13,771 | (4,871 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total stockholders (deficit) equity |
(69,770 | ) | (313,375 | ) | 14,427 | 274,196 | 356,441 | 261,919 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total liabilities and stockholders equity |
$ | 218,895 | $ | 500,754 | $ | 16,302 | $ | 313,318 | $ | 215,587 | $ | 1,264,856 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Page 9 of 13
THE HILLMAN COMPANIES, INC. AND SUBSIDIARIES
Supplemental Consolidating Guarantor and Non-Guarantor Financial Information:
(dollars in thousands)
Consolidating Statement of Cash Flows (Unaudited)
For the period from June 30, 2014 through December 31, 2014
(Amounts in thousands)
| Successor | ||||||||||||||||||||||||
| Guarantors The Hillman Companies, Inc. |
Issuer The Hillman Group, Inc. |
Guarantor Subsidiaries |
Non- Guarantor Subsidiaries |
Consolidating Adjustments |
Consolidated | |||||||||||||||||||
| Cash flows from operating activities: |
||||||||||||||||||||||||
| Net (loss) income |
$ | (9,194 | ) | $ | (8,243 | ) | $ | 407 | $ | (1,907 | ) | $ | | $ | (18,937 | ) | ||||||||
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: |
||||||||||||||||||||||||
| Depreciation and amortization |
16,403 | 17,365 | 34 | 2,603 | | 36,405 | ||||||||||||||||||
| Dispositions of property and equipment |
| 49 | 13 | 58 | | 120 | ||||||||||||||||||
| Deferred income tax (benefit) provision |
(7,372 | ) | 54 | (24 | ) | 116 | | (7,226 | ) | |||||||||||||||
| Deferred financing and original issue discount amortization |
457 | 1,948 | | | | 2,405 | ||||||||||||||||||
| Stock-based compensation expense |
675 | | | | | 675 | ||||||||||||||||||
| Other non-cash interest expense |
| 935 | | | | 935 | ||||||||||||||||||
| Changes in operating items: |
||||||||||||||||||||||||
| Accounts receivable |
| 15,756 | 1,136 | 5,542 | | 22,434 | ||||||||||||||||||
| Inventories |
| (17,298 | ) | 24 | 2,633 | | (14,641 | ) | ||||||||||||||||
| Other assets |
| 4,406 | (323 | ) | (12,480 | ) | | (8,397 | ) | |||||||||||||||
| Accounts payable |
| 1,484 | (400 | ) | 5,103 | | 6,187 | |||||||||||||||||
| Interest payable on junior subordinated debentures |
(1,019 | ) | | | | | (1,019 | ) | ||||||||||||||||
| Other accrued liabilities |
108 | (24,782 | ) | (73 | ) | (3,544 | ) | | (28,291 | ) | ||||||||||||||
| Other items, net |
185,629 | (185,784 | ) | (202 | ) | (2,442 | ) | | (2,799 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net cash provided by (used for) operating activities |
185,687 | (194,110 | ) | 592 | (4,318 | ) | | (12,149 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Cash flows from investing activities: |
||||||||||||||||||||||||
| Acquisition of Hillman Companies, Inc. |
(729,616 | ) | | | | | (729,616 | ) | ||||||||||||||||
| Capital expenditures |
| (13,961 | ) | (64 | ) | (950 | ) | | (14,975 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net cash (used for) investing activities |
(729,616 | ) | (13,961 | ) | (64 | ) | (950 | ) | | (744,591 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Cash flows from financing activities: |
||||||||||||||||||||||||
| Borrowings of senior term loans |
| 550,000 | | | | 550,000 | ||||||||||||||||||
| Repayments of senior term loans |
| (387,157 | ) | | | | (387,157 | ) | ||||||||||||||||
| Borrowings on revolving credit loans |
| 16,000 | | | | 16,000 | ||||||||||||||||||
| Repayments of revolving credit loans |
| (16,000 | ) | | | | (16,000 | ) | ||||||||||||||||
| Principal payments under capitalized lease obligations |
| (112 | ) | | | | (112 | ) | ||||||||||||||||
| Borrowings of senior notes |
| 330,000 | | | | 330,000 | ||||||||||||||||||
| Repayment of senior notes |
| (265,000 | ) | | | | (265,000 | ) | ||||||||||||||||
| Capital contribution from parent |
542,929 | | | | | 543,929 | ||||||||||||||||||
| Capital contribution from board member |
1,000 | | | | | | ||||||||||||||||||
| Financing fees |
| (26,355 | ) | | | | (26,355 | ) | ||||||||||||||||
| Repayments of other credit obligations |
| (70 | ) | | | | (70 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net cash (used for) financing activities |
543,929 | 201,306 | | | | 745,235 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Effect of exchange rate changes on cash |
| (2,527 | ) | | (513 | ) | | (3,040 | ) | |||||||||||||||
| Net (decrease) increase in cash and cash equivalents |
| (9,292 | ) | 528 | (5,781 | ) | | (14,545 | ) | |||||||||||||||
| Cash and cash equivalents at beginning of period |
1 | 22,483 | 168 | 10,378 | | 33,030 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Cash and cash equivalents at end of period |
$ | 1 | $ | 13,191 | $ | 696 | $ | 4,597 | $ | | $ | 18,485 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Page 10 of 13
THE HILLMAN COMPANIES, INC. AND SUBSIDIARIES
Supplemental Consolidating Guarantor and Non-Guarantor Financial Information:
(dollars in thousands)
Consolidating Statement of Cash Flows (Unaudited)
For the six months ended June 29, 2014
(Amounts in thousands)
| Predecessor | ||||||||||||||||||||||||
| Guarantors The Hillman Companies, Inc. |
Issuer The Hillman Group, Inc. |
Guarantor Subsidiaries |
Non- Guarantor Subsidiaries |
Consolidating Adjustments |
Consolidated | |||||||||||||||||||
| Cash flows from operating activities: |
||||||||||||||||||||||||
| Net (loss) income |
$ | (23,029 | ) | $ | (22,749 | ) | $ | 728 | $ | 524 | $ | | $ | (44,526 | ) | |||||||||
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: |
||||||||||||||||||||||||
| Depreciation and amortization |
9,029 | 14,332 | 48 | 1,833 | | 25,242 | ||||||||||||||||||
| Deferred income tax (benefit) provision |
(24,245 | ) | | 206 | (419 | ) | | (24,458 | ) | |||||||||||||||
| Deferred financing and original issue discount amortization |
(103 | ) | 1,477 | | | | 1,374 | |||||||||||||||||
| Stock-based compensation expense |
39,229 | | | | | 39,229 | ||||||||||||||||||
| Changes in operating items: |
||||||||||||||||||||||||
| Accounts receivable |
| (17,638 | ) | (633 | ) | (6,996 | ) | | (25,267 | ) | ||||||||||||||
| Inventories |
| (17,769 | ) | (666 | ) | 584 | | (17,851 | ) | |||||||||||||||
| Other assets |
| (3,199 | ) | 678 | 11,320 | | 8,799 | |||||||||||||||||
| Accounts payable |
| 25,944 | 236 | (5,369 | ) | | 20,811 | |||||||||||||||||
| Interest payable on junior subordinated debentures |
1,019 | | | | | 1,019 | ||||||||||||||||||
| Other accrued liabilities |
(123 | ) | 28,651 | (4 | ) | 2,659 | | 31,183 | ||||||||||||||||
| Other items, net |
(2,251 | ) | (1,168 | ) | (659 | ) | 235 | | (3,843 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net cash provided by (used for) operating activities |
(474 | ) | 7,881 | (66 | ) | 4,371 | | 11,712 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Cash flows from investing activities: |
||||||||||||||||||||||||
| Capital expenditures |
| (12,224 | ) | (57 | ) | (652 | ) | | (12,933 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net cash (used for) investing activities |
| (12,224 | ) | (57 | ) | (652 | ) | | (12,933 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Cash flows from financing activities: |
||||||||||||||||||||||||
| Repayments of senior term loans |
| (992 | ) | | | | (992 | ) | ||||||||||||||||
| Principal payments under capitalized lease obligations |
| (84 | ) | | | | (84 | ) | ||||||||||||||||
| Proceeds from exercise of stock options |
474 | | | | | 474 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net cash (used for) financing activities |
474 | (1,076 | ) | | | | (602 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Effect of exchange rate changes on cash |
| (151 | ) | | 35 | | (116 | ) | ||||||||||||||||
| Net (decrease) increase in cash and cash equivalents |
| (5,570 | ) | (123 | ) | 3,754 | | (1,939 | ) | |||||||||||||||
| Cash and cash equivalents at beginning of period |
1 | 27,553 | 791 | 6,624 | | 34,969 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Cash and cash equivalents at end of period |
$ | 1 | $ | 21,983 | $ | 668 | $ | 10,378 | $ | | $ | 33,030 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Page 11 of 13
THE HILLMAN COMPANIES, INC. AND SUBSIDIARIES
Supplemental Consolidating Guarantor and Non-Guarantor Financial Information:
(dollars in thousands)
Consolidating Statement of Cash Flows (Unaudited)
For the year ended December 31, 2013
(Amounts in thousands)
| Predecessor | ||||||||||||||||||||||||
| Guarantors The Hillman Companies, Inc. |
Issuer The Hillman Group, Inc. |
Guarantor Subsidiaries |
Non- Guarantor Subsidiaries |
Consolidating Adjustments |
Consolidated | |||||||||||||||||||
| Cash flows from operating activities: |
||||||||||||||||||||||||
| Net (loss) income |
$ | (23,084 | ) | $ | 24,407 | $ | 1,593 | $ | (4,064 | ) | $ | | $ | (1,148 | ) | |||||||||
| Adjustments to reconcile net loss to net cash (used for) provided by operating activities: |
||||||||||||||||||||||||
| Depreciation and amortization |
18,058 | 25,468 | 85 | 3,297 | | 46,908 | ||||||||||||||||||
| Dispositions of property and equipment |
| 768 | 6 | 3 | | 777 | ||||||||||||||||||
| Deferred income tax provision (benefit) |
(4,268 | ) | | 816 | (172 | ) | | (3,624 | ) | |||||||||||||||
| Deferred financing and original issue discount amortization |
(190 | ) | 2,682 | | | | 2,492 | |||||||||||||||||
| Stock-based compensation expense |
9,006 | | | | | 9,006 | ||||||||||||||||||
| Other non-cash interest and change in value of interest rate swap |
| (418 | ) | | | | (418 | ) | ||||||||||||||||
| Changes in operating items: |
||||||||||||||||||||||||
| Accounts receivable |
| (4,066 | ) | (596 | ) | (4,436 | ) | | (9,098 | ) | ||||||||||||||
| Inventories |
| 3,672 | (867 | ) | (14,272 | ) | | (11,467 | ) | |||||||||||||||
| Other assets |
| (1,566 | ) | (620 | ) | (1,903 | ) | | (4,089 | ) | ||||||||||||||
| Accounts payable |
| (6,263 | ) | 304 | 14,368 | | 8,409 | |||||||||||||||||
| Other accrued liabilities |
57 | (3,723 | ) | (419 | ) | 6,797 | | 2,712 | ||||||||||||||||
| Other items, net |
421 | (102,480 | ) | (1 | ) | 103,125 | | 1,065 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net cash provided by (used for) operating activities |
| (61,519 | ) | 301 | 102,743 | | 41,525 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Cash flows from investing activities: |
||||||||||||||||||||||||
| Payment for Paulin acquisition |
| (918 | ) | 206 | (102,704 | ) | | (103,416 | ) | |||||||||||||||
| Capital expenditures |
| (37,086 | ) | (151 | ) | (801 | ) | | (38,038 | ) | ||||||||||||||
| Proceeds from sale of property and equipment |
| 792 | 7 | | | 799 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net cash used for investing activities |
| (37,212 | ) | 62 | (103,505 | ) | | (140,655 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Cash flows from financing activities: |
||||||||||||||||||||||||
| Borrowings of senior term loans |
| 76,800 | | | | 76,800 | ||||||||||||||||||
| Repayments of senior term loans |
| (3,776 | ) | | | | (3,776 | ) | ||||||||||||||||
| Discount on senior senior term loans |
| (3,152 | ) | | | | (3,152 | ) | ||||||||||||||||
| Principal payments under capitalized lease obligations |
| (503 | ) | | | | (503 | ) | ||||||||||||||||
| Borrowings under other credit obligations |
| 324 | | | | 324 | ||||||||||||||||||
| Repayments of other credit obligations |
| (683 | ) | | | | (683 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net cash (used for) provided by financing activities |
| 69,010 | | | | 69,010 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Effect on exhange rate changes on cash |
| (5,643 | ) | | 5,184 | | (459 | ) | ||||||||||||||||
| Net (decrease) increase in cash and cash equivalents |
| (35,364 | ) | 363 | 4,422 | | (30,579 | ) | ||||||||||||||||
| Cash and cash equivalents at beginning of period |
1 | 62,917 | 429 | 2,201 | | 65,548 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Cash and cash equivalents at end of period |
$ | 1 | $ | 27,553 | $ | 792 | $ | 6,623 | $ | | $ | 34,969 | ||||||||||||
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Page 12 of 13
THE HILLMAN COMPANIES, INC. AND SUBSIDIARIES
Supplemental Consolidating Guarantor and Non-Guarantor Financial Information:
(dollars in thousands)
Consolidating Statement of Cash Flows (Unaudited)
For the year ended December 31, 2012
(Amounts in thousands)
| Predecessor | ||||||||||||||||||||||||
| Guarantors The Hillman Companies, Inc. |
Issuer The Hillman Group, Inc. |
Guarantor Subsidiaries |
Non- Guarantor Subsidiaries |
Consolidating Adjustments |
Consolidated | |||||||||||||||||||
| Cash flows from operating activities: |
||||||||||||||||||||||||
| Net (loss) income |
$ | (12,008 | ) | $ | 6,797 | $ | 548 | $ | (2,571 | ) | $ | | $ | (7,234 | ) | |||||||||
| Adjustments to reconcile net loss to net cash (used for)provided by operating activities: |
||||||||||||||||||||||||
| Depreciation and amortization |
18,058 | 25,137 | 88 | 478 | | 43,761 | ||||||||||||||||||
| Dispositions of property and equipment |
| 271 | 21 | | | 292 | ||||||||||||||||||
| Deferred income tax provision (benefit) |
(6,382 | ) | 1,686 | 299 | (1,216 | ) | | (5,613 | ) | |||||||||||||||
| Deferred financing and original issue discount amortization |
(279 | ) | 2,459 | | | | 2,180 | |||||||||||||||||
| Stock-based compensation expense |
714 | | | | | 714 | ||||||||||||||||||
| Other non-cash interest and change in value of interest rate swap |
| (787 | ) | | | | (787 | ) | ||||||||||||||||
| Changes in operating items: |
||||||||||||||||||||||||
| Accounts receivable |
| 2,431 | (50 | ) | (922 | ) | | 1,459 | ||||||||||||||||
| Inventories |
| (9,776 | ) | 439 | (902 | ) | | (10,239 | ) | |||||||||||||||
| Other assets |
| (6,003 | ) | (1,319 | ) | 3,213 | | (4,109 | ) | |||||||||||||||
| Accounts payable |
| (568 | ) | (138 | ) | (1,478 | ) | | (2,184 | ) | ||||||||||||||
| Other accrued liabilities |
(76 | ) | 3,623 | 121 | 1,300 | | 4,968 | |||||||||||||||||
| Other items, net |
(27 | ) | (1,645 | ) | (2 | ) | 1,746 | | 72 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net cash provided by (used for) operating activities |
| 23,625 | 7 | (352 | ) | | 23,280 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Cash flows from investing activities: |
||||||||||||||||||||||||
| Capital expenditures |
| (23,973 | ) | (128 | ) | (204 | ) | | (24,305 | ) | ||||||||||||||
| Proceeds from sale of property and equipment |
| | 3 | | | 3 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net cash used for investing activities |
| (23,973 | ) | (125 | ) | (204 | ) | | (24,302 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Cash flows from financing activities: |
||||||||||||||||||||||||
| Repayments of senior term loans |
| (3,200 | ) | | | | (3,200 | ) | ||||||||||||||||
| Borrowings of revolving credit loans |
| 19,000 | | | | 19,000 | ||||||||||||||||||
| Repayments of revolving credit loans |
| (19,000 | ) | | | | (19,000 | ) | ||||||||||||||||
| Payment of additional acquisition consideration |
| (12,387 | ) | | | | (12,387 | ) | ||||||||||||||||
| Principal payments under capitalized lease obligations |
| (47 | ) | | | | (47 | ) | ||||||||||||||||
| Borrowings of senior notes |
| 65,000 | | | | 65,000 | ||||||||||||||||||
| Premium on senior notes |
| 4,225 | | | | 4,225 | ||||||||||||||||||
| Borrowings under other credit obligations |
| 1,119 | | | | 1,119 | ||||||||||||||||||
| Repayments of other credit obligations |
| (297 | ) | | | | (297 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net cash (used for) provided by financing activities |
| 54,413 | | | | 54,413 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Effect of exchange rate changes on cash |
| | | 130 | | 130 | ||||||||||||||||||
| Net (decrease) increase in cash and cash equivalents |
| 54,065 | (118 | ) | (426 | ) | | 53,521 | ||||||||||||||||
| Cash and cash equivalents at beginning of period |
1 | 8,852 | 547 | 2,627 | | 12,027 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Cash and cash equivalents at end of period |
$ | 1 | $ | 62,917 | $ | 429 | $ | 2,201 | $ | | $ | 65,548 | ||||||||||||
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Page 13 of 13